VANCOUVER, BC / ACCESSWIRE / March 13, 2017 / Laguna Blends Inc. (CSE:LAG) (OTC Pink: LAGBF) (FSE:LB6A.F) (the "Company" or "Laguna") Further to its earlier announcement today, the Company is responding to a trading halt by the Investment Industry Regulatory Organization of Canada (IIROC). The Company announced that it had signed a letter of Intent (LOI) to acquire 100% interest of a global Cannabis leader with unaudited annualized sales of $12,000,000 USD and adjusted EBITDA of $1,588,000 USD. Subject to final terms being determined, the consideration for this transaction is expected to be a combination of cash and stock totalling $12,500,000 USD. The transaction, which is subject to customary closing conditions and due diligence, is expected to close within 3 weeks. A more comprehensive news release will be issued when the Definitive Agreement is executed.
About Laguna Blends Inc.
Laguna Blends is a market leader in the distribution of Hemp and CBD products. Lagunas growth strategy includes acquiring and incubating companies who formulate and or manufacture cannabis products. Laguna Blends markets hemp derived products utilizing its B to B Network along with driving traffic to its online marketplace.
It's Lagunas intent to provide the highest quality hemp derived products and experience for the end user, utilizing a proprietary nanotechnology in many of its consumable and topical skin care products. Laguna is currently seeking joint ventures and acquisitions to expand its portfolio and will aggressively begin international expansion into Latin America, Asia and Europe in 2017.
ON BEHALF OF THE BOARD
"Ray Grimm Jr"
CEO, President & Director
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future the Company's business, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Such forward looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation, and does not intend, to update any forward looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release.
SOURCE: Laguna Blends Inc.